Sen. J.D. Vance (D-Ohio) introduced legislation to level the playing field in the banking system, enabling community and small regional banks to better compete against too big-to-fail financial institutions. The Payroll Guarantee Act, submitted on July 20, would extend unlimited deposit insurance to all non-interest-bearing transaction accounts. The bill would mainly target business payroll and…
Sen. Vance Proposes Unlimited Deposit Insurance at Community, Small Regional Banks
Ottawa Grants Itself Extraordinary Powers to Prepare for ‘Potential’ Bank Runs
April 29, 2023
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Bank scares in the United States and Switzerland have prompted the federal government to grant itself extraordinary powers to stem any financial panic in Canada, a parliamentary committee heard on April 27. Testifying before the Standing Committee on Finance, Rachel Grasham, a senior director with the federal finance department said those powers will be used…
House Freedom Caucus Opposes Unlimited Bank Deposit Guarantees
House conservatives have voiced their opposition to any increased guarantees on bank deposits, which comes amid debate on whether expanding deposit insurance coverage is needed to stem a financial crisis marked by a drain of uninsured deposits away from smaller and regional banks. A crisis of confidence in the banking sector was touched off earlier…
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